Grow Your Business by Data Sharing

20/11/18 01:33 PM By Nico

In the age of digital media, some businesses have minimal to no face-to-face interaction with their customers. So how do they promote their products while building trust, and loyalty among customers? The answer is simple, although the process can be quite complex, and that is through data sharing.

Data sharing is the primary feature of a database management system where data are stored in one server or network, giving you the ability to share the same data resource with multiple applications or users. It can potentially make customers feel more connected to a company; to be used as an advantage, especially by digital marketers who rarely get personal, face-to-face interaction with customers.

Data is considered an education agent of a company, and when utilized and appropriately managed, can strengthen the customer relationship. For this reason, data sharing can help promote loyalty within customers, helping them recognize the value and quality of a business, further impacting sales.

This unique approach to business doesn’t exclusively work for large companies, because small-scale companies can share data with their customers, too. Especially when most of them do not have the means to execute campaigns properly, they are left to find other economical ways to attract potential leads.

Companies, such as Pandora and LinkedIn to name a few, share user data with their customers in an attempt to educate, engage and retain them. By offering something valuable, such as data, to their customers, they can forge stronger relationships with them, earning increased loyalty.

Data sharing can also generate additional customer engagement by intriguing customers with trends in customer behavior while simultaneously showing the seller their customer’s information, giving them a chance to upsell them. The best part about it is that data sharing is free! Because the data you are offering is information that your company has already been gathering, it's just a matter of presenting them in a different way to your customers.

Utilize the Power of Data Sharing

Because of limited resources, it is still quite rare, for small, growing businesses to share useful and insightful data with potential and existing customers but it is best for them to prioritize this in their to-do list. Here are a few tips to help implement data sharing in your business:

1. Avoid sending irrelevant data to your customers.
You wouldn’t send sales data to your HR team, right? So to make your campaign successful, be sure to organize, and target messages accurately. Only submit to your customers the information that is only applicable to them.

Irrelevant information or unnecessary data will distract, or possibly turn off your customers. Try to offer them something they’re interested in, and will pique their interest so they can continue reading and make them ask for more information.

2. Find a perfect time to deliver messages
Sharing data with customers will depend on your company. You can choose to have daily emails, weekly updates, or monthly reports. Just make sure to find the rhythm of your customers and don’t take it lightly. Finding the right balance of sending information will rely on how much you can relate with them; try stepping into their shoes and think about what kind, and how much of your data you would want to see.

3. Make sure your data is secure
While data sharing has its perks, companies should still take precautionary measures. Sharing information is a great way to build an authentic relationship with customers, but make sure you don’t jeopardize it by having a faulty data protection system.

Data breaches are a growing concern in the business industry, because it can cost millions, even billions, and may also cost a company’s reputation, and their customers' personal information. It is advisable to invest in security software platforms that can protect your data resources.

4. Monitor customer feedback
The benefits of data sharing are limitless but only if both sides are gaining value from the information. Make sure to monitor your targeted messages and customers’ feedback regularly. If you notice that most of them are becoming idle, or there is a lack of engagement, try to refocus and reangle your efforts.

5. Integrate data resources properly
To gather, analyze, and utilize enough, and accurate data, make sure that all of your systems are synchronized, and are working together, seamlessly. You don’t want to waste time by bringing inaccurate and useless data because it can also lead to a loss of valuable information. Hire developers or purchase app integration services to help you arrange your business model properly.

6. Always give your customers a choice
Some customers might not find the data you are sharing useful, or some might not just have time to use it. If they want to stop receiving your messages, give them the easy option to opt out.

Businesses are continually evaluating models and methods to deliver the best service. With consumers continually evaluating purchase decisions and analyzing whether their resources are appropriately allocated, sharing relevant data and assisting them through these efforts will show that you only want their best interest and that you’re focused on improving your products and services.

There is no better way than to seize this opportunity to increase your sales, and share useful, relevant, and focused data with your customers. So go ahead and do it!

At Devtac, we know the importance of CRM in business, and we know what will contribute to your business's growth. As one of the leading CRM Solutions Provider in the Philippines, we can help you achieve your goal. Worried your customers aren't satisfied? Give us a call or send us a message!